致：香港交易及結算所有限公司 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 公司名稱: 凱知樂國際控股有限公司 呈交日期: 2025年8月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02122 | 說明 | 普通股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 48,800,000,000 | HKD | | 0.01 | HKD | | 488,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 48,800,000,000 | HKD | | 0.01 | HKD | | 488,000,000 | | ...

Core Insights - The Chinese life sciences industry is undergoing rapid transformation driven by policy relaxation, technological innovation, the rise of domestic companies, and the development of specialized real estate ecosystems [9][18][39] - The report "Trends in China's Life Sciences" provides a comprehensive overview of current market dynamics, regulatory changes, and future development directions [9] Policy Environment - Nationally, China has relaxed foreign investment restrictions in gene and cell therapy, allowing foreign-owned hospitals in major cities [10][20] - Local governments in cities like Beijing, Shanghai, and Shenzhen are offering targeted subsidies and fast-track approval processes to support biotechnology development [10][27] Industry Innovation and Company Growth - Chinese life sciences companies are shifting from generic drug production to innovative therapies, with firms like CanSino Biologics and BeiGene leading in CAR-T cell therapy and bispecific antibodies [11][29] - These companies are attracting international investment and licensing agreements, enhancing China's position in the global life sciences sector [11][39] Real Estate Development and Regional Hubs - Innovation hubs such as Suzhou BioBay and Shanghai Zhangjiang Hi-Tech Park provide end-to-end support, including shared laboratories and GMP-compliant facilities [12][35] - Second-tier cities like Chengdu and Ningbo are emerging as new growth centers, expanding the life sciences ecosystem [12][35] Owner Perspective - Real estate developers are adapting to industry-specific needs through light-asset models and flexible leasing arrangements [14][45] - While first-tier cities face saturation, demand remains robust in central and western regions, with a focus on sustainability and compliance [14][45] Tenant Perspective - Life sciences tenants are responding to regulatory reforms and increased compliance requirements, seeking flexibility and proximity to talent and infrastructure [15][46] - The highest demand is for GMP-certified laboratories and modular production facilities, emphasizing location advantages and sustainability certifications [15][46] Future Outlook - Growth opportunities lie in AI-driven drug development, personalized medicine, and advanced therapies, supported by government policies [16][39] - Life sciences real estate is evolving from generic parks to specialized, digitally-enabled facilities with high compliance and flexibility [16][39]

Financial Performance - For the fiscal year ending December 31, 2024, the company faced challenges but identified clearer trends and changing consumer demands, with some brands achieving double-digit growth while others struggled [5]. - The company reported a significant increase in revenue, achieving a total of $1.2 billion, representing a 15% year-over-year growth [1]. - Revenue decreased by 15.7% from approximately RMB 1,155.7 million to approximately RMB 974.5 million due to weak market sentiment and consumer spending downgrade [28]. - The company provided an optimistic outlook for the next quarter, projecting a revenue increase of 10% to $1.32 billion [3]. - New product launches are expected to contribute an additional $200 million in revenue over the next fiscal year [4]. - Market expansion plans include entering three new countries, which are projected to add $300 million in revenue over the next two years [6]. - The company reported a gross margin of 45%, which is an improvement from 42% in the previous year [9]. - The gross profit margin remained stable at 29.3% compared to 29.8% in the previous period [28]. - The company recorded a loss of approximately RMB 202.4 million for the period, slightly improved from a loss of approximately RMB 210.9 million in the previous period [53]. Cost Management and Efficiency - Operating costs were reduced by 13.9% compared to the previous fiscal year, with inventory decreasing by approximately RMB 72.5 million and inventory turnover days reduced by 20 days [7]. - Operating expenses were reduced by 5%, resulting in a more efficient cost structure [10]. - The cash conversion cycle improved from 131 days to 97 days, indicating better efficiency in converting inventory investments into cash [55]. - Total sales, distribution, general and administrative expenses decreased by 13.9% from approximately RMB 539.9 million to approximately RMB 465.1 million [28]. Strategic Partnerships and Market Expansion - The partnership with Spin Master resulted in nearly doubling sales in 2024, while collaboration with Card Game achieved approximately 40% sales growth, and Jellycat saw a 55% increase, contributing to a total growth of 94% from these brands, accounting for nearly 12% of total business in mainland China [6]. - A new agreement with Spin Master will commence in 2025 for the distribution of Paw Patrol toys in Hong Kong, Macau, and Taiwan, indicating a strategic focus on expanding market presence [8]. - The overall strategy emphasizes collaboration with leading brands and the development of proprietary products to expand the older children's business segment [10]. Research and Development - The company is investing $50 million in research and development for new technologies aimed at enhancing user experience [5]. - Plans to leverage artificial intelligence to improve operational efficiency and explore new business opportunities are in place [10]. Employee Management and Workforce - As of December 31, 2024, the group had approximately 1,100 employees in mainland China, Hong Kong, and Macau, a decrease from 1,300 employees as of December 31, 2023 [127]. - The overall employee turnover rate is 55.0%, with 598 employees leaving the company during the reporting period [192]. - The company has implemented a comprehensive employee management policy covering recruitment, performance evaluation, training, and compensation [185]. - The company provides various employee benefits, including social and medical insurance, maternity leave, and family-friendly policies [195]. Environmental, Social, and Governance (ESG) Initiatives - The company has established compliance procedures to ensure adherence to applicable environmental laws and regulations [84]. - The group is committed to integrating sustainability into its business operations and has established an environmental, social, and governance (ESG) framework [141]. - The company aims to achieve carbon neutrality and has implemented strict administrative policies to manage emissions from its office operations [165]. - The company has identified 21 key ESG topics that impact its operations, including emissions management, waste management, and employee welfare [157]. - The company encourages resource efficiency and waste reduction through various green office initiatives, aiming for a sustainable operational model [174]. Shareholder and Capital Management - The company has issued 800,000,000 ordinary shares with a par value of HKD 0.01, with no changes in share capital during the reporting period [64]. - The board has resolved not to recommend any dividend for the year, consistent with the previous year [77]. - The company has adopted a dividend policy aimed at providing sustainable returns to shareholders while retaining earnings for future growth opportunities [80]. - The company’s largest shareholder, Asian Glory, holds approximately 53.15% of the shares, which is controlled by Mr. Li Chengyao [98]. Compliance and Governance - The company confirms compliance with the listing rules regarding all ongoing related party transactions [120]. - The non-competition agreement established on October 25, 2017, has been adhered to by the controlling shareholders [123]. - The company has maintained a minimum public float of 25% throughout the year and as of the report date [134].

Revenue Performance - The group's revenue decreased by 15.7% to approximately RMB 974.5 million from RMB 1,155.7 million in the previous period[3]. - The company's revenue decreased by 15.7% from approximately RMB 1,155.7 million to approximately RMB 974.5 million due to weak market sentiment and consumer spending[20]. - Total revenue for the year ended December 31, 2024, reached RMB 3,974,488 thousand, a significant increase from RMB 1,155,738 thousand in 2023[41]. - For the year ending December 31, 2024, the company reported a total revenue of RMB 974,488,000, a decrease from RMB 1,155,738,000 in 2023, reflecting a decline of approximately 15.7%[75]. Profitability and Loss - The group recorded a net loss of approximately RMB 202.4 million after tax, slightly improved from RMB 210.9 million in the previous period[3]. - The company recorded a net loss of approximately RMB 202.4 million, an improvement from the previous period's loss of approximately RMB 210.9 million[31]. - Net loss for the year was RMB 202,409 thousand, slightly better than the net loss of RMB 210,945 thousand in 2023, showing a reduction of approximately 4%[41]. - The company recorded a net loss of RMB 9,098,000 in 2024, compared to a net loss of RMB 7,708,000 in 2023, indicating a worsening financial position[77]. Expenses and Cost Management - Total sales, distribution, general, and administrative expenses decreased by 13.9% to approximately RMB 465.1 million from RMB 539.9 million in the previous period[3]. - The company is implementing cost-saving measures to manage sales and distribution expenses, as well as general and administrative costs, to enhance operational cash flow[54]. Inventory and Cash Management - Inventory turnover days decreased to 141 days, and cash conversion cycle improved to 97 days from 161 days and 131 days in the previous period respectively[3]. - The group reduced inventory by approximately RMB 72.5 million, resulting in a 20-day reduction in inventory turnover days[7]. - The cash conversion cycle decreased from 131 days in the previous period to 97 days in the reporting period[33]. Financial Position and Liabilities - Total assets decreased to RMB 454,217 thousand in 2024 from RMB 580,753 thousand in 2023, a decline of about 22%[42]. - The company's total liabilities decreased to RMB 540,117 thousand in 2024 from RMB 693,538 thousand in 2023, indicating a decline of approximately 22%[42]. - As of December 31, 2024, the company's net current liabilities amounted to RMB 13,523,000, and total net liabilities were RMB 83,900,000[49]. - The group had no significant contingent liabilities as of December 31, 2024[38]. Capital Expenditures and Financing - Capital expenditures for the reporting period amounted to approximately RMB 16.5 million, primarily for store renovations, compared to RMB 14.3 million in the previous period[34]. - The company has extended and increased its loan financing from HKD 150,000,000 (approximately RMB 135,930,000) to HKD 250,000,000 (approximately RMB 231,500,000), with HKD 100,000,000 (approximately RMB 91,708,000) remaining as undrawn financing as of December 31, 2024[54]. - A loan capitalization agreement was established for HKD 100,000,000 (approximately RMB 92,600,000) to improve the financial position and liquidity of the group[50]. Governance and Compliance - The company has adopted the corporate governance code as per the listing rules and has complied with all mandatory disclosure requirements during the reporting period[109]. - The audit committee, consisting of three independent non-executive directors, has reviewed and confirmed the annual performance of the group[111]. - The financial figures in the preliminary announcement have been verified by the auditor, Daxin CPA, ensuring consistency with the audited financial statements[112]. Market Presence and Business Development - The group expanded its Hall One stores for older children to four additional cities, enhancing its market presence[6]. - The group established a new business unit focused on developing the older children's market, integrating more products into Kidsland and FAO stores[6]. - The company is expanding new sales channels and product lines to boost sales and attract a diverse range of new customers[54]. Employee and Compensation - The total number of employees decreased to approximately 1,100 as of December 31, 2024, down from about 1,300 in the previous year[104]. - The total compensation for internal and external employees was approximately RMB 95.2 million and RMB 71.9 million, respectively, compared to RMB 104.6 million and RMB 82.6 million in the previous period[104].

Financial Performance - Revenue for the reporting period decreased by 15.2% to approximately RMB 493.7 million from RMB 581.9 million, attributed to weak market conditions and cautious consumer spending[16]. - Revenue for the six months ended June 30, 2024, was RMB 493,652 thousand, a decrease of 15.1% compared to RMB 581,872 thousand in the same period of 2023[64]. - Gross profit for the same period was RMB 167,910 thousand, down from RMB 196,851 thousand, reflecting a gross margin decline[64]. - The company recorded a loss of approximately RMB 80.2 million for the reporting period, compared to a loss of RMB 82.9 million in the previous period[27]. - Net loss for the period was RMB 80,220 thousand, slightly improved from RMB 82,869 thousand in the previous year[64]. - The company reported a net loss of RMB 82,869,000 for the six months ended June 30, 2024, compared to a net loss of RMB 82,689,000 in the same period of 2023[91]. Operational Efficiency - Gross margin improved from 33.8% in the previous period to 34.0% in the reporting period, despite inventory clearance activities impacting short-term margins[6]. - The organization is enhancing operational efficiency and optimizing its structure to maintain resilience in a challenging market[6]. - Operating loss narrowed to RMB 72,580 thousand from RMB 76,503 thousand year-over-year, indicating improved operational efficiency[64]. - The company continues to adapt its business model to changing consumer behavior, focusing on cost-effectiveness and value[6]. Inventory and Cash Management - Inventory backlog decreased by 10.8%, with inventory turnover days reduced to 159 days and cash conversion cycle improved to 117 days[6]. - Inventory turnover days decreased from 189 days to 159 days, while trade receivables turnover days increased from 19 days to 20 days[28]. - As of June 30, 2024, the company's cash position was approximately RMB 21.9 million, down from RMB 24.5 million at the end of 2023[31]. - Cash and cash equivalents decreased to RMB 19,271 thousand from RMB 21,937 thousand, indicating a tightening liquidity position[65]. - The company reported a net cash outflow from operating activities of RMB (6,874) thousand for the six months ended June 30, 2024, compared to a net inflow of RMB 32,684 thousand for the same period in 2023[68]. Debt and Equity - As of June 30, 2024, the company's net debt stood at approximately RMB 285.1 million, an increase from RMB 230.0 million as of December 31, 2023[33]. - The company's debt-to-equity ratio was approximately 817.3% as of June 30, 2024, compared to 203.0% as of December 31, 2023[33]. - The total equity of the company was RMB 34.9 million as of June 30, 2024, down from RMB 113.3 million as of December 31, 2023[33]. - Total bank borrowings as of June 30, 2024, amount to RMB 94,818,000, an increase of 23.6% from RMB 76,655,000 as of December 31, 2023[107]. Share Options and Equity Structure - The total number of issued shares is 800,000,000[50]. - The company has granted a total of 28,500,000 share options under the pre-IPO share option plan, with 3.6% of the total issued shares as of the reporting date being available for issuance[57]. - The company has a total of 800,000,000 issued and fully paid shares as of June 30, 2024, unchanged from previous periods[111]. - The company has granted a total of 47,500,000 share options under the pre-IPO share option scheme, recognizing contributions from eligible participants[113]. Employee and Management Costs - The total payroll for internal and outsourced employees was approximately RMB 48.0 million and RMB 37.4 million, respectively, for the reporting period[39]. - The total compensation for directors and key management personnel for the period is RMB 6,757,000, an increase from RMB 5,749,000 in the previous year[125]. - The company’s total expenses related to employee benefits, including director remuneration, amounted to RMB 48,028,000, a decrease from RMB 51,099,000 in the prior year[88]. Market and Sales Channels - Online retail revenue grew by 5.1% during the reporting period, reflecting the company's efforts to expand sales channels[6]. - Distributor revenue increased by 39.2% in the reporting period, supported by strengthened partnerships and optimized product offerings[6]. - The number of self-operated retail points decreased to 535 from 571 year-on-year, while online stores increased to 34 from 28[7]. - The company operates 304 distributors, down from 344 year-on-year, with over 1,300 retail points selling its products[7]. Future Outlook and Strategies - The group plans to implement marketing activities in the second half of 2024 to promote inventory sales and strengthen working capital[72]. - The group is actively negotiating with banks to ensure the renewal of loans maturing within the next twelve months, expecting no significant difficulties in obtaining renewals[72]. - The group is exploring alternative financing and bank loans to cover existing financial obligations and future operational and capital expenditures[72].

Revenue Performance - The group's revenue decreased by 15.2% from approximately RMB 581.9 million to approximately RMB 493.7 million due to a weak market atmosphere and consumer spending downgrade[1]. - The company's revenue decreased by 15.2% from approximately RMB 581.9 million to about RMB 493.7 million due to a weak market atmosphere and cautious consumer spending[12]. - Revenue for the six months ended June 30, 2024, was RMB 493,652 thousand, a decrease of 15.1% from RMB 581,872 thousand for the same period in 2023[28]. - Revenue from self-operated retail channels decreased by 18.9% to approximately RMB 404.4 million, primarily due to declines in retail store and consignment counter revenues[13]. - Revenue from self-operated retail channels decreased to RMB 404,381,000 in the first half of 2024, down from RMB 498,791,000 in the same period of 2023, reflecting a decline of 18.9%[41]. - The group’s revenue from wholesale channels increased to RMB 89,271,000 in the first half of 2024, up from RMB 78,111,000 in the same period of 2023, reflecting a growth of 14.0%[41]. Profitability and Loss - The net loss after tax recorded was approximately RMB 80.2 million, slightly improved from RMB 82.9 million in the previous period[1]. - The company recorded a net loss of approximately RMB 80.2 million, compared to a loss of RMB 82.9 million in the previous period[22]. - The net loss for the six months ended June 30, 2024, was RMB 80,220 thousand, compared to a net loss of RMB 82,869 thousand for the same period in 2023[29]. - The group incurred a net loss of RMB 80,220,000 for the six months ending June 30, 2024, compared to a net loss of RMB 82,869,000 for the same period in 2023[40]. - The company reported a basic and diluted loss per share of RMB (0.100) for the six months ended June 30, 2024, slightly improved from RMB (0.103) in the same period last year[46]. - The company recorded a net loss of RMB (80,154) thousand for the six months ended June 30, 2024, compared to RMB (82,689) thousand in the same period last year, reflecting a slight improvement of about 3%[46]. Expenses and Cost Management - Total selling, distribution, general and administrative expenses decreased by 9.3% from approximately RMB 263.6 million to approximately RMB 239.0 million[1]. - Other income decreased to approximately RMB 2.2 million, primarily due to a decline in government subsidies[16]. - The total rental expenses related to short-term leases increased to RMB 20,554 thousand from RMB 13,788 thousand, an increase of approximately 49% year-on-year[49]. - The total compensation for internal and external employees was approximately RMB 48.0 million and RMB 37.4 million respectively, compared to RMB 51.1 million and RMB 42.2 million in the previous period, showing a decrease of about 5.9% and 11.4% respectively[56]. Inventory and Cash Management - Inventory pressure reduced by 10.8%, with inventory turnover days decreasing to 159 days and cash conversion cycle improving to 117 days[2]. - Cash conversion cycle decreased from 151 days to 117 days, indicating improved efficiency in converting inventory into cash[23]. - As of June 30, 2024, the company's cash position was approximately RMB 21.9 million, down from RMB 24.5 million as of December 31, 2023[25]. - The current ratio and quick ratio as of June 30, 2024, were 1.1 and 0.4, respectively, compared to 1.2 and 0.5 as of December 31, 2023[25]. - The company’s accounts receivable aging analysis shows a significant increase in amounts due within 30 days, rising to RMB 29,215,000 from RMB 40,190,000[51]. Operational Efficiency - The company continues to enhance operational efficiency and optimize organizational structure to adapt to market challenges[3]. - The number of self-operated retail points decreased from 571 to 535, while online stores increased from 28 to 34[5]. - The number of distributors decreased from 344 to 304, with over 1,300 retail outlets selling the company's products[9]. - The number of distributors at the end of the period was 304, down from 344 in the previous year, with 49 distributors not renewing agreements[10]. - The total number of employees decreased to approximately 1,200 as of June 30, 2024, down from about 1,400 a year earlier, reflecting a reduction of approximately 14.3%[56]. Corporate Governance and Compliance - The company has adopted corporate governance practices in compliance with the relevant rules and has maintained a strong leadership structure with the same individual serving as both Chairman and CEO[58]. - The company has ensured compliance with all mandatory disclosure requirements and applicable governance codes during the reporting period[58]. - The company has not conducted any significant investments or acquisitions during the reporting period, maintaining a stable capital structure with no changes in its issued share capital of 800,000,000 shares[54][55]. - As of June 30, 2024, the company has not repurchased any of its listed securities and holds no treasury shares[54]. Assets and Liabilities - Total assets as of June 30, 2024, were RMB 395,372 thousand, down from RMB 431,539 thousand as of December 31, 2023[30]. - The company's total equity decreased to RMB 34,889 thousand as of June 30, 2024, from RMB 113,285 thousand as of December 31, 2023[30]. - Total bank loans and trade financing amounted to approximately RMB 134.3 million as of June 30, 2024, a decrease from RMB 167.2 million as of December 31, 2023[25]. - The company’s trade payables amounted to RMB 106,459,000 as of June 30, 2024, compared to RMB 117,154,000 as of December 31, 2023, indicating a decrease of about 9.1%[53]. - The company had no significant contingent liabilities as of June 30, 2024[27]. Foreign Exchange and Other Risks - The company is exposed to foreign exchange risks without any hedging policies currently in place[27]. - The net loss from foreign exchange was RMB (3,965) thousand, a significant improvement from RMB (13,018) thousand in the same period last year, representing a reduction of approximately 69%[43].

Financial Performance - In 2023, the company achieved a revenue growth of 1.0% to approximately RMB 1,155.7 million, compared to RMB 1,144.7 million in 2022[6] - The company recorded a net loss of approximately RMB 210.9 million in 2023, compared to a net loss of RMB 184.2 million in 2022[6] - For the fiscal year ending December 31, 2023, the company reported revenue of approximately RMB 1,155.7 million, an increase of 1.0% from RMB 1,144.7 million in the previous year[31] - The gross profit margin decreased from 35.6% in the previous year to 29.8% in the current year, primarily due to clearance activities that pressured short-term gross margins[31] - The company recorded a loss of approximately RMB 210.9 million for the reporting period, compared to a loss of RMB 184.2 million in the previous period[58] Operational Efficiency - Inventory turnover days decreased to 161 days in 2023, improving cash turnover days to 131 days, down from 219 days and 184 days in 2022 respectively[7] - The company aims to enhance operational efficiency and optimize organizational structure to maintain a strong market position[8] - The company has implemented new strategies to enhance operational efficiency, aiming for a G% reduction in costs over the next year[21] - Total selling, distribution, general and administrative expenses decreased by 2.7% to approximately RMB 539.9 million from RMB 554.6 million in the previous year[31] - The cash conversion cycle decreased from 184 days in the previous period to 131 days in the reporting period[60] Retail and Market Expansion - The company plans to expand its retail network by opening more diverse retail stores targeting children, teenagers, and young adults, including testing new retail formats in lower-tier cities[7] - The number of self-operated retail stores decreased from 172 at the beginning of the year to 155 at year-end, with 7 new stores opened and 24 closed[35] - Revenue from self-operated retail channels increased by 3.2% to approximately RMB 965.1 million, with retail store revenue rising by 6.7% to approximately RMB 648.0 million[49] - Wholesale channel revenue decreased by 8.9% to approximately RMB 190.6 million, primarily due to a 15.2% decline in distributor revenue[50] Future Outlook - For 2024, the company maintains a cautiously optimistic outlook, focusing on consumer-centric strategies in retail and customer-centric strategies in wholesale[8] - The company aims to achieve resilient growth despite market challenges by adjusting its business model to adapt to changing market conditions[8] - The company intends to invest in innovative products and marketing methods while improving internal operational efficiency[8] Sustainability and ESG Initiatives - The board of directors emphasized the importance of sustainability initiatives, committing to invest $H million in green technologies[21] - The company has established a top-down environmental, social, and governance (ESG) framework to integrate sustainability into its business operations[141] - The company reported a commitment to minimize negative impacts on the environment and society through regular monitoring of ESG indicators[141] - The group has developed a set of ESG policies to manage significant issues such as product responsibility, labor practices, anti-corruption, and environmental protection[152] - The company is committed to environmental sustainability and compliance with applicable laws and regulations[84] Employee Welfare and Safety - The company has a strong focus on employee welfare, providing benefits such as social and medical insurance, maternity leave, and retirement plans[197] - The company emphasizes the importance of occupational health and safety, strictly adhering to labor laws in China, Hong Kong, and Macau[199] - The company reported a total of 3 workplace injuries during the reporting period, resulting in 379 lost workdays[200] - The company is committed to providing a safe and reliable working environment for all employees[199] - Employees are required to follow workplace safety rules and report any actual or potential safety hazards[199] Governance and Management - The board of directors includes Mr. Li Chengyao as the Chairman and CEO, and Ms. Zhong Mei as an Executive Director[92] - The independent auditor for the consolidated financial statements is Deloitte Touche Tohmatsu, which will be proposed for reappointment at the 2024 annual general meeting[136] - The company has a three-year service agreement with all executive directors, requiring at least three months' written notice for termination[93] - The independent non-executive directors confirmed their independence as of December 31, 2023[95] Shareholder Information - As of December 31, 2023, the company's distributable reserves to shareholders amounted to approximately RMB 56.3 million, a decrease from RMB 264.3 million in 2022[89] - The board has decided not to recommend the payment of dividends for the current year[77] - The total number of shares issued is 800,000,000, with Asian Glory holding approximately 92% of the equity in the company[102]

Revenue and Financial Performance - Revenue increased by 1.0% to approximately RMB 1,155.7 million in 2023 compared to RMB 1,144.7 million in the previous period[3] - Revenue increased by 1.0% from RMB 1,144.7 million in the previous period to RMB 1,155.7 million in the reporting period[23] - Revenue for the year ended December 31, 2023, was RMB 1,155.7 million, slightly up from RMB 1,144.7 million in the previous year[48] - Total revenue for 2023 was RMB 1,155,738 thousand, compared to RMB 1,144,716 thousand in 2022[78] - Revenue from China was RMB 912,130,000, while revenue from Hong Kong, Macau, and overseas was RMB 247,774,000, with total revenue reaching RMB 1,155,738,000 after inter-segment eliminations[67] - Revenue from self-operated retail channels increased from RMB 607,431 thousand in 2022 to RMB 647,950 thousand in 2023[78] - Revenue from wholesale channels decreased from RMB 171,467 thousand in 2022 to RMB 145,425 thousand in 2023[78] - Self-operated retail channel revenue increased by 3.2% to RMB 965.1 million, with retail store revenue up 6.7% and consignment counter revenue down 2.2%[25] - Wholesale channel revenue decreased by 8.9% to RMB 190.6 million, with distributor revenue down 15.2% and online key customer revenue down 5.8%[26] - The company reported a pre-tax loss of RMB 209,639,000 and a net loss for the year of RMB 210,945,000[67] - The company reported a net loss of RMB 184,234 thousand for 2022, with a pre-tax loss of RMB 183,962 thousand[69] - The company reported a loss of RMB 210.9 million for the period, compared to a loss of RMB 184.2 million in the previous period[35] - Post-tax loss increased to approximately RMB 210.9 million in 2023 from RMB 184.2 million in the previous period[3] - The company reported a net loss attributable to owners of RMB 210,495 thousand in 2023, compared to RMB 182,285 thousand in 2022, with basic loss per share increasing to RMB 26.31 cents from RMB 22.79 cents[86] Gross Profit and Margin - Gross profit margin decreased from 35.6% to 29.8% due to clearance activities, but inventory backlog was significantly reduced by approximately 27.0%[3] - Gross profit margin decreased from 35.6% to 29.8%, primarily due to clearance activities reducing short-term margins[27] Inventory and Cash Flow - Inventory turnover days decreased to 161 days, and cash conversion cycle improved to 131 days (previous period: 219 days and 184 days respectively)[3] - Inventory turnover days decreased from 219 days to 161 days, trade receivables turnover days decreased from 24 days to 18 days, and trade payables turnover days decreased from 59 days to 48 days[36] - The cash conversion cycle improved from 184 days to 131 days, indicating faster conversion of inventory investments into cash[37] - Current assets declined to RMB 431,539 thousand in 2023 from RMB 545,463 thousand in 2022, with inventory decreasing from RMB 413,135 thousand to RMB 301,448 thousand[49] - Inventory backlog was significantly reduced by approximately 27.0%[3] Expenses and Costs - Sales and distribution expenses decreased by 2.0% to RMB 486.7 million, driven by strengthened expense management[32] - Financial expenses increased by RMB 1.8 million to RMB 12.5 million, mainly due to interest expenses from lease liabilities, bank borrowings, and loans from related companies[34] - Total expenses increased to RMB 1,350,505 thousand in 2023, up from RMB 1,295,716 thousand in 2022, with significant increases in inventory costs (RMB 821,864 thousand vs. RMB 720,277 thousand) and employee benefits (RMB 104,610 thousand vs. RMB 98,241 thousand)[81] - Financing costs increased to RMB 12,536 thousand in 2023, up from RMB 10,691 thousand in 2022, driven by higher interest expenses on bank loans (RMB 2,942 thousand vs. RMB 722 thousand) and related party loans (RMB 2,386 thousand vs. RMB 959 thousand)[83] - Depreciation and amortization expenses increased from RMB 115,444 thousand in 2022 to RMB 120,170 thousand in 2023[72] - Depreciation and amortization expenses were RMB 90,640,000 in China and RMB 29,530,000 in Hong Kong, Macau, and overseas, totaling RMB 120,170,000[67] - Impairment losses for property, plant, and equipment rose to RMB 3,355 thousand in 2023, compared to RMB 1,708 thousand in 2022, while impairment losses for right-of-use assets increased to RMB 7,623 thousand from RMB 5,996 thousand[81][82] Distribution Network and Retail Operations - The distribution network includes 559 self-operated retail outlets, 31 online stores, and 306 distributors as of December 31, 2023[11] - The number of retail stores decreased from 172 at the beginning of 2023 to 155 at the end of the year, with 7 new stores opened and 24 closed[13] - The number of consignment counters decreased from 415 at the beginning of 2023 to 404 at the end of the year, with 37 new counters added and 48 closed[15] - The company operated 31 online stores as of December 31, 2023, an increase from 29 stores in the previous year[16] - The number of distributors decreased from 342 at the beginning of 2023 to 306 at the end of the year, with 88 new distributors added and 124 agreements not renewed[19] - The company maintained wholesale arrangements with 12 chain hypermarkets and supermarkets, covering 412 retail points in China[20] Strategic Plans and Market Position - The company plans to expand into new product categories focused on IP and test new retail formats in lower-tier cities to reach a broader target audience[7] - The company will continue to develop wholesale business, key accounts, and e-commerce, while consolidating key business partnerships[7] - The company aims to enhance operational efficiency and optimize organizational structure to maintain a strong market position[9] - The company remains cautiously optimistic for 2024, focusing on consumer-centric strategies in retail and customer-centric strategies in wholesale[9] Financial Position and Liabilities - Non-current assets decreased to RMB 149,214 thousand in 2023 from RMB 211,599 thousand in 2022, primarily due to a reduction in property, plant, and equipment from RMB 39,347 thousand to RMB 24,228 thousand[49] - Total equity dropped significantly to RMB 113,285 thousand in 2023 from RMB 320,580 thousand in 2022, mainly due to a decrease in reserves from RMB 306,814 thousand to RMB 100,075 thousand[49] - Non-current liabilities increased to RMB 119,278 thousand in 2023 from RMB 51,356 thousand in 2022, largely driven by the addition of RMB 85,302 thousand in loans from related companies[50] - Current liabilities decreased to RMB 348,190 thousand in 2023 from RMB 385,126 thousand in 2022, with a notable reduction in other payables and accrued expenses from RMB 115,471 thousand to RMB 82,502 thousand[50] - Net current assets fell to RMB 83,349 thousand in 2023 from RMB 160,337 thousand in 2022, reflecting a decline in liquidity[50] - Total assets minus current liabilities decreased to RMB 232,563 thousand in 2023 from RMB 371,936 thousand in 2022, indicating a reduction in the company's overall financial position[50] - Total assets decreased from RMB 757,062 thousand in 2022 to RMB 580,753 thousand in 2023[71] - Total liabilities increased from RMB 436,482 thousand in 2022 to RMB 467,468 thousand in 2023[71] - Bank loans and trade financing totaled RMB 167.2 million as of December 31, 2023, with RMB 42.5 million remaining unused[40] - Loans from a related company amounted to RMB 135.9 million as of December 31, 2023, with RMB 85.3 million utilized[41] - The company's restricted cash was RMB 2.5 million as of December 31, 2023, mainly due to bank guarantees for trade financing[42] - The company's cash position increased to RMB 24.5 million as of December 31, 2023, compared to RMB 20.6 million as of December 31, 2022[40] - Capital expenditure for the period was RMB 14.3 million, primarily used for store renovations, down from RMB 27.1 million in the previous period[39] Government Subsidies and Other Income - Other income decreased by RMB 3.5 million to RMB 5.4 million, mainly due to a decline in government subsidies[28] - Government subsidies decreased from RMB 4,428 thousand in 2022 to RMB 2,256 thousand in 2023[78] Segment Performance - The company reported a segment loss of RMB 82,460,000 in China and a segment profit of RMB 13,515,000 in Hong Kong, Macau, and overseas, resulting in a total segment loss of RMB 68,945,000[67] - The company's total segment performance showed a loss of RMB 189,115,000, with additional unallocated corporate expenses of RMB 7,975,000 and unallocated financing costs of RMB 5,328,000[67] Employee and Compensation - The group had approximately 1,300 employees as of December 31, 2023, down from 1,500 in 2022, with total internal and outsourced employee compensation at RMB 104.6 million and RMB 82.6 million, respectively[101] Corporate Governance and Auditing - The company's chairman and CEO roles are both held by Mr. Li Chengyao, which deviates from the corporate governance code but is deemed in the best interest of the company and shareholders[105] - The company has established an Audit Committee consisting of three independent non-executive directors, including Mr. Zheng Yuhe (Chairman), Mr. Huang Jiachun, and Dr. Lin Jiali, to review and confirm the annual results for the year ended December 31, 2023[107] - The financial figures for the year ended December 31, 2023, have been verified by the company's auditor, Da Hua Ma Shi Yun CPA Limited, and are consistent with the audited consolidated financial statements[109] - The annual report for the year ended December 31, 2023, will be published on the company's website (www.kidslandholdings.com) and the Hong Kong Stock Exchange website (www.hkexnews.hk), and will be sent to shareholders in accordance with the listing rules[110] Accounting Standards and Financial Reporting - The financial statements are prepared in accordance with Hong Kong Financial Reporting Standards (HKFRS) and the disclosure requirements of the Hong Kong Companies Ordinance[56] - The company applied new and revised HKFRS standards effective from January 1, 2023, including HKFRS 17 (Insurance Contracts) and amendments to HKAS 8 (Definition of Accounting Estimates), with no significant impact on the financial statements[58] - The company disclosed deferred tax assets of approximately RMB 21,131,000 and deferred tax liabilities of approximately RMB 18,676,000, with no impact on retained earnings for the earliest presented period[61] Trade Receivables and Payables - Trade receivables from customer contracts decreased to RMB 66,476 thousand in 2023 from RMB 67,515 thousand in 2022, with a provision for impairment of RMB 10,199 thousand in 2023 compared to RMB 10,934 thousand in 2022[92] - Trade receivables aged within 30 days increased to RMB 40,190 thousand in 2023 from RMB 33,690 thousand in 2022, while those aged over 180 days decreased to RMB 13,298 thousand from RMB 15,337 thousand[94] - Trade payables increased to RMB 117,154 thousand in 2023 from RMB 95,938 thousand in 2022, with the majority aged within 30 days (RMB 87,103 thousand in 2023)[95] Lease and Right-of-Use Assets - Right-of-use assets decreased to RMB 81,309 thousand in 2023 from RMB 112,319 thousand in 2022, with additions of RMB 70,337 thousand during the year[90] - Total lease-related cash outflows amounted to RMB 142,324 thousand in 2023, down from RMB 147,494 thousand in 2022[91] Contract Liabilities and Other Financial Metrics - Contract liabilities increased from RMB 8,775 thousand in 2022 to RMB 9,665 thousand in 2023[74] - The company added non-current assets worth RMB 84,650 thousand in 2023, compared to RMB 103,848 thousand in 2022[72] Business Operations and Market Focus - The company primarily operates in the trade and sale of toys and related lifestyle products, with a focus on Mainland China, Hong Kong, and Macau[52]

Financial Performance - For the six months ended June 30, 2023, the company reported a net loss of approximately RMB 829 million, compared to a net loss of RMB 636 million for the same period in 2022, reflecting a significant decline in consumer sentiment due to macroeconomic uncertainties [6]. - The group's revenue decreased by 3.6% to approximately RMB 581.9 million from RMB 603.8 million in the previous period, attributed to adverse consumer sentiment due to macroeconomic uncertainties in mainland China [20]. - The company reported a loss before tax of RMB 82,049,000 for the six months ended June 30, 2023, compared to a loss of RMB 62,079,000 for the same period in 2022 [103]. - The net loss for the period was RMB 82,869,000, compared to a net loss of RMB 63,623,000 in the previous year, indicating a worsening financial performance [103]. - Operating loss for the period was RMB 76,503 thousand, compared to a loss of RMB 56,984 thousand in 2022, reflecting a deterioration of 34.4% [84]. - Gross profit margin decreased from 39.3% to 33.8%, with gross profit declining from approximately RMB 237.4 million to RMB 196.9 million due to clearance activities and intense price competition in mainland China [25]. Revenue Streams - Self-operated retail channels generated stable revenue of approximately RMB 498.8 million, down from RMB 502.4 million, with retail store revenue increasing by 4.7% to approximately RMB 332.7 million [22]. - Wholesale channel revenue fell by 18.0% to approximately RMB 83.1 million, primarily due to a 32.2% decline in distributor revenue to approximately RMB 59.5 million, while revenue from chain supermarkets increased by 102.5% to approximately RMB 18.9 million [23]. - Revenue for the six months ended June 30, 2023, was RMB 581,872 thousand, a decrease of 3.7% compared to RMB 603,793 thousand in 2022 [84]. - Revenue from the China segment was RMB 466,609,000, while revenue from Hong Kong and overseas was RMB 115,533,000, reflecting a decline in both segments [103]. Operational Changes - As of June 30, 2023, the company operated 571 self-operated retail points, a decrease from 614 points as of June 30, 2022, and had 28 online stores, up from 21 stores in the previous year [8]. - The number of distributors decreased to 344 as of June 30, 2023, from 515 in the previous year, with over 1,700 retail points selling the company's products through third-party retailers or its own stores [14]. - The number of retail stores decreased from 185 at the beginning of the period to 167 at the end, with 4 new stores opened and 9 closed during the reporting period [10]. - The number of consignment counters decreased from 442 to 404, with 21 new counters opened and 32 closed during the reporting period [12]. Financial Position - As of June 30, 2023, the group's net debt position was approximately RMB 195.0 million, with a debt-to-equity ratio of approximately 79.3%, up from 58.0% as of December 31, 2022 [39]. - Total assets as of June 30, 2023, were RMB 716,396 thousand, down from RMB 757,062 thousand as of December 31, 2022 [85]. - The company's total equity decreased to RMB 245,944 thousand from RMB 320,580 thousand, reflecting a decline of 23.2% [86]. - Current liabilities increased to RMB 429,865 thousand, up from RMB 385,126 thousand at the end of 2022, indicating a rise of 11.6% [86]. Cash Flow and Liquidity - The cash conversion cycle improved from 186 days to 151 days, indicating better efficiency in converting inventory investments into cash [35]. - The net cash generated from operating activities for the six months ended June 30, 2023, was RMB 32,684,000, a decrease of 39.1% compared to RMB 53,728,000 in the same period of 2022 [90]. - The company plans to seek alternative financing and bank loans to meet existing financial obligations and future operational and capital expenditures [94]. - The company is currently assessing its financial resources to ensure sufficient liquidity for ongoing operations and obligations [94]. Shareholder Information - The company's share capital remains unchanged at 800,000,000 shares with a par value of HKD 0.01 per share as of June 30, 2023 [44]. - The company has a total of 47,600,000 shares available for issuance under the post-IPO share option plan, representing 6.0% of the total issued shares as of June 30, 2023 [67]. - The company’s major shareholder, Asian Glory Holdings Limited, holds 53.15% of the company’s shares as of June 30, 2023 [151]. - The company has not declared any interim dividends for the reporting period [47]. Governance and Management - The chairman and CEO roles are held by the same individual, Mr. Li Chengyao, which deviates from corporate governance guidelines [49]. - The company’s board of directors has undergone changes, with Dr. Lam Ka Lai appointed as an independent non-executive director of New Fire Technology Holdings Limited on April 21, 2023 [64]. - The company has not made any significant investments or acquisitions during the reporting period [43]. Accounting and Compliance - The company's financial statements were reviewed in accordance with Hong Kong Accounting Standards, with no significant issues found [80]. - The company is currently assessing the impact of new accounting guidelines related to the cancellation of the MPF offsetting mechanism, which will take effect on May 1, 2025 [99]. - Management has initiated procedures to implement changes in accounting policies in response to the new guidelines, including additional data collection and impact assessment [99].

香港交易及結算所有限公司及香港聯合交易所有限公司（「聯交所」）對本公告 的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不 對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失 承擔任何責任。 Kidsland International Holdings Limited 凱知樂國際控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：2122） 截 至2023年6月30日 止 六 個 月 的 中 期 業 績 公 告 摘要 • 於報告期，本集團的收入由上一期間約人民幣603.8百萬元減少3.6%至 約人民幣581.9百萬元，乃由於中國內地宏觀經濟及就業形勢不明朗對 消費者情緒造成不利影響所致。 • 自營零售渠道的收入於報告期保持穩定於約人民幣498.8百萬元， 上一期間則約為人民幣502.4百萬元，而批發渠道的收入減少18.0% 至約人民幣83.1百萬元。 ...